Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In 2024, the company reported a continuous profit release in its container segment and an upward trend in the offshore engineering sector. Looking ahead to 2025, the offshore segment is expected to remain in a favorable cycle, with overall performance across other business segments also improving, benefiting from advancements in deep-sea technology [2][6]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of 177.664 billion yuan, representing a year-on-year increase of 39.01%. The net profit attributable to shareholders was 2.972 billion yuan, a significant year-on-year growth of 605.60%. In Q4 2024, revenue reached 48.693 billion yuan, up 48.98% year-on-year, with a net profit of 1.144 billion yuan, reversing a loss from Q4 2023 [6][12]. Container Segment - The container manufacturing business generated a revenue of 62.205 billion yuan in 2024, a year-on-year increase of 105.89%, with a net profit of 4.088 billion yuan, up 127.84%. The demand for containers surged due to global trade recovery and disruptions in shipping efficiency caused by various events. The company achieved record production and sales volumes, with dry cargo container sales reaching 3.4336 million TEU, a year-on-year increase of approximately 417.03% [12][6]. Offshore Engineering Segment - The offshore engineering business saw a revenue of 16.556 billion yuan in 2024, a year-on-year increase of 58.41%, with a net profit of 0.224 billion yuan, compared to a loss in 2023. The global shipbuilding and offshore market conditions improved, driven by high international oil prices and increased marine operations, leading to higher utilization rates and rental prices for offshore equipment. The company secured new orders worth 3.25 billion USD, nearly doubling year-on-year, with a backlog of orders amounting to 6.92 billion USD by the end of 2024 [12][6]. Product Business Layout - The company has a diverse product business layout and is expected to benefit from the development of deep-sea technology. The government has prioritized deep-sea technology in its strategic development plans, and the company is well-positioned in deep-sea oil and gas and renewable energy sectors, with strong capabilities in constructing FPSO and FLNG equipment [12][6]. Future Profit Projections - The company is projected to achieve net profits of 3.48 billion yuan and 4.46 billion yuan in 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 14 and 11 times [12][6].

文/西风 近日，深交所公布对中集天达控股有限公司（CIMC-TianDa Holdings Company Limited）创业板IPO终止审核的决定，直接原因是公司及保荐机构中金公司撤回申 报。公司IPO申报于2021年9月28日获得受理，2023年5月26日获得深交所上市委审核通过，但一直到终止审核，过会逾22个月都未能提交注册。公司系深交所、港 交所上市公司中集集团（000039、H02039）孙公司，公司本次IPO系中集集团分拆上市。 一、公司曾在香港联交所创业板上市，2021年1月完成私有化退市，中集集团为间接控股股东，无实控人 公司为一家根据《开曼群岛公司法》于2002 年 1 月 3 日成立的公司，曾用名 China Fire Safety Enterprise Group Limited（中国消防企业集团有限公司）、Wanyou Fire Safety TechnologyHoldings Limited（万友消防科技控股有限公司）。 2002年9月30日，公司成功配售股份500,000,000股，每股价格港币 0.4 元，公司的股票于香港联交所创业板上市。2021 年1 月 25 日，公司完 ...

他表示，虽然集装箱业务面临周期波动，但公司车辆、物流、新能源等业务都将有所增长，储能业务、 模块化建筑等未来几年有望贡献增量，多元化业务布局将助力公司持续"向上生长"。 车辆、清洁能源、海洋业务量增质长 中证报中证网讯(记者黄灵灵)3月27日晚，中集集团（000039）发布2024年年报。公司全年实现营业收 入1776.64亿元，同比增长39.01%；归母净利润29.72亿元，同比大增605.60%。公司拟派发现金红利9.45 亿元，超过年度归母净利润的30%。 3月28日，中集集团董事长麦伯良在2024年业绩说明会上表示，2024年红海危机等导致集装箱流转效率 大幅下降，集装箱市场需求增加。展望2025年，集装箱需求或从高峰回落有所下降，但公司车辆、物 流、新能源等业务预计将有所增长，公司布局多项新兴业务，有望平抑集装箱业务周期波动带来的影 响。 集装箱产销量达历史高峰 2024年，集装箱制造业务营收622.05亿元，同比提升105.89%；净利润40.88亿元，同比提升127.84%。 受全球商品贸易需求回升以及地缘冲突等事件影响，2024年集装箱市场需求增加，中集集团集装箱整体 产销量达历史高峰。其中， ...

证券研究报告·公司点评报告·通用设备 中集集团（000039） 2024 年报点评：业绩符合市场预期，集装箱、 海工与物流服务板块增速亮眼 ◼ 集装箱量价有支撑，海工、能化设备订单饱满，看好业绩增长持续性 我们判断公司业绩有望稳健增长：（1）集装箱：集运贸易量增加、旧箱更 新背景下，公司核心板块集装箱制造量价仍有支持，（2）能化设备：订单 饱满，趋势向好，中集安瑞科 2024 年累计新签订单 275 亿元创新高，截至 2024 年末在手订单 283 亿元，（3）海工板块：2024 年新签订单 32.5 亿美 元，同比增长 93%，累计在手订单 69.2 亿美元，同比增长 27%，油气、风 电安装船和滚装船比例 3:1:1，排产已至 2027 年，订单兑现将支持业绩增 长。同时，深海科技为新质生产力，且深海油气开采具有战略意义，公司 为高端海工装备领军企业，将持续受益。 ◼ 盈利预测与投资评级：考虑地缘政治冲突等带来的不确定性，出于谨慎 性，我们调整公司 2025-2026 年归母净利润预测分别为 30（原值 38） /38（原值 48）亿元，预计 2027 年归母净利润 46 亿元，当前市值对应 PE 分别为 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance meets market expectations, with significant growth in the container, offshore engineering, and logistics service segments [2] - The company achieved total revenue of 177.664 billion yuan in 2024, a year-on-year increase of 39%, and a net profit attributable to shareholders of 2.97234 billion yuan, representing a 606% increase year-on-year [2] - The container segment generated revenue of 62.2 billion yuan, up 106% year-on-year, benefiting from the recovery in the shipping market [2] - The logistics service segment saw revenue of 31.4 billion yuan, a 56% increase year-on-year, also supported by the recovery in global trade [2] - The offshore engineering segment reported revenue of 16.6 billion yuan, a 58% increase year-on-year, marking a turnaround for the segment [2] Revenue and Profitability - The company's gross profit margin for 2024 was 12.5%, a decrease of 1.3 percentage points year-on-year, while the net profit margin improved to 2.4%, an increase of 0.9 percentage points year-on-year [3] - The company’s operating expenses ratio decreased to 7.7%, down 2.6 percentage points year-on-year, indicating improved operational efficiency [3] Future Outlook - The company is expected to maintain stable growth, supported by increased container manufacturing and a robust order book in the energy and chemical equipment sectors [4] - The forecast for net profit attributable to shareholders for 2025 and 2026 has been adjusted to 3 billion yuan and 3.8 billion yuan, respectively, with an expected net profit of 4.6 billion yuan in 2027 [4] - The current market capitalization corresponds to a price-to-earnings ratio of 16 for 2025, 13 for 2026, and 11 for 2027 [4]

"中集很多业务都是有周期的，我们不怕外部环境波动，高峰期来的时候能抓住，有很强的灵活性。不一定每年都会增长，但整体是往上 的。"3月28日，中集集团（SZ000039，股价9.00元，市值485.33亿元）在深圳总部举办业绩说明会，公司董事长麦伯良在会上多次回答媒体、 投资者提问，颇具松弛感。 据介绍，2024年集装箱行业产量为830万TEU（标准集装箱），较上一年增长264%。中集集团去年营业收入超越2021年，再次创下新高，达到 1776.64亿元，同比增长39.01%；归母净利润达29.72亿元，同比增长605.60%。 对于2025年的行业走势，麦伯良在回答《每日经济新闻》记者提问时表示，2024年红海危机等导致集装箱市场运营效率大幅下降，对集装箱的 需求增多。如果全球回归正常，集装箱需求会逐步回落，结合全球工业制造能力增长，预测今年集装箱需求会有所下降。 预测今年集装箱需求相对下降 2024年，中集集装箱制造业务营收622.05亿元，同比提升105.89%；净利润40.88亿元，同比提升127.84%。 在业绩会上，中集集团董事会秘书吴三强介绍，全球集装箱吞吐量同比增长了6.2%，其中亚洲到北美的集 ...

图片来源：摄图网 3月27日，据深交所披露，因中集天达控股有限公司、保荐人撤回发行上市申请，根据《深圳证券交易所股票发行上市审核规则》第六十二条，深交所决 定终止其发行上市审核。 同时，中集天达母公司中集集团公告称，公司于2025年3月27日召开第十届董事会2025年度第7次会议，审议通过了关于终止分拆控股子公司中集天达控股 有限公司至深圳证券交易所创业板上市的议案，并撤回相关上市申请文件。终止原因为综合因素考虑，为统筹安排中集天达业务发展和资本运作规划。 从2023年5月过会已近2年，期间中集天达未能拿到IPO注册批文，直至此番公告终止创业板IPO。 中集天达的最近关于IPO的资料还是2023年9月的第二轮问询回复，当时的第10个问题就有关于分拆上市。 当时，该问题提到，审核问询回复显示： （1）香港联交所对中集集团分拆上市关注到："就物料处理系统业务而言，分拆子公司的产品/服务与中集集团的产品与服务的区别并不显著"； （2）2021年1月25日，发行人完成私有化并于香港联交所退市。香港联交所于2021年7月30日批准了中集集团的分拆提案； （3）发行人私有化退市过程中存在异议股东，相关股东持股数量73,1 ...

kpmg.com/cn 网址 kpmg.com/cn +86 (10) 8518 5111 传真 Telephone +86 (10) 8508 5000 Fax Internet KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China +86 (10) 8508 5000 +86 (10) 8518 5111 电话 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 审计报告 毕马威华振审字第2505660号 中国国际海运集装箱 (集团) 股份有限公司全体股东： 一、审计意见 中国国际海运集装箱 (集团) 股份有限公司 2024 年度财务报表及审计报告 毕马威华振审字第2505660号 二、形成审计意见的基础 我们按照中国注册会计师审计准则(以下简称"审计准则") 的规定执行了审计工作。审计报 告的"注册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注 册会计师职业道德守 ...

Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.176 per share (including tax) to all shareholders based on a total share capital of 5,367,874,835 shares after excluding repurchased shares[3]. - The annual profit distribution proposal is subject to approval at the annual general meeting, with the expected payment date set for August 18, 2025[3]. - The company continues to prioritize shareholder interests in its profit distribution strategy[3]. - The company plans to distribute a cash dividend of RMB 0.176 per share, totaling RMB 949.5 million, exceeding 30% of the 2024 net profit[43]. Financial Performance - The company's total revenue for 2024 reached RMB 177.66 billion, representing a 39.01% increase compared to RMB 127.81 billion in 2023[26]. - Net profit for 2024 was RMB 4.20 billion, a 125.14% increase from RMB 1.86 billion in 2023[26]. - The operating profit for 2024 was RMB 6.55 billion, a significant increase of 131.39% from RMB 2.83 billion in 2023[26]. - The net profit attributable to shareholders increased by 605.60% to RMB 2.97 billion in 2024, compared to RMB 421.25 million in 2023[26]. - The basic earnings per share (EPS) rose to RMB 0.53, reflecting a 657.14% increase from RMB 0.07 in 2023[27]. - The diluted EPS also increased to RMB 0.53, marking a 960.00% rise from RMB 0.05 in 2023[27]. - The net cash flow from operating activities was RMB 9.264 billion, up 242.70% from RMB 2.703 billion in 2023[30]. - The company's total revenue reached RMB 177.66 billion, representing a 39.01% increase compared to the previous year[101]. - The logistics service business generated revenue of RMB 31.389 billion, reflecting a year-on-year growth of 55.65%, with net profit increasing by 133.27% to RMB 4.37 billion[57]. Assets and Liabilities - The total assets of the company increased by 8.03% to RMB 174.75 billion in 2024, up from RMB 161.76 billion in 2023[25]. - The total liabilities rose by 9.88% to RMB 106.73 billion in 2024, compared to RMB 97.13 billion in 2023[25]. - The company's total equity increased by 5.24% to RMB 68.02 billion in 2024, up from RMB 64.63 billion in 2023[25]. - The total current assets rose by 13.93% to RMB 100.76 billion in 2024, compared to RMB 88.44 billion in 2023[25]. - Non-current liabilities surged by 42.58% to RMB 25.88 billion in 2024, up from RMB 18.15 billion in 2023[25]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding forward-looking statements and the differences between plans, forecasts, and commitments[4]. - The report highlights the company's commitment to transparency and compliance with regulatory requirements[4]. - The company has complied with all relevant laws and regulations that significantly impact its operations during the reporting period[198]. Strategic Focus and Market Position - The company is focused on maintaining a stable financial performance while exploring new market opportunities[4]. - The company’s strategic focus on container manufacturing and service optimization led to record production and sales volumes in 2024[38]. - The company maintained a global market share leadership in standard dry containers, refrigerated containers, and special containers[46]. - The logistics service business saw significant growth in profitability, with the company ranking 3rd among Chinese enterprises in the "Transport Topics" 2024 Global Top 50 Freight Forwarders[40]. - The company aims to enhance its integrated solution capabilities to address diverse customer pain points across multiple business sectors[40]. Research and Development - R&D investment for the period reached RMB 2,712,160 thousand, which is 1.52% of total revenue, with a compound annual growth rate of 13.38% over the past five years[121]. - The company applied for 845 new patents during the reporting period, including 290 invention patents, maintaining a total of 5,376 effective patents[121]. - The company has achieved significant technological breakthroughs, including the first domestically built car carrier for BYD, capable of transporting 7,000 vehicles[124]. - The company has been recognized with multiple industry awards, including the 2024 Hubei Provincial Science and Technology Progress Award for key technologies in hydrogen energy storage and transportation[126]. Employee and Talent Development - The total number of employees as of December 31, 2024, is 78,776, an increase from 68,940 in 2023, with contract employees totaling 50,686[186]. - The company has established a multi-level talent development system, including various training programs for employees[189]. Corporate Governance - The company has established a balanced governance structure and efficient decision-making mechanisms to ensure effective management[95]. - The company has purchased liability insurance for its directors, supervisors, and senior management to mitigate legal risks associated with their duties[199].

业绩简评 全球商品贸易复苏不及预期、原材料价格波动风险、行业竞争加剧风险、汇率波动风险。 2024 年，公司实现海洋工程业务收入165.56 亿元，同比+58.41%；净盈利2.24 亿元，去年净亏损0.31 亿 元，成功实现扭亏为盈。 此外，2025 年政府工作报告提出大力发展海洋经济，并将"深海科技"首次列入国家未来产业发展重 点。未来伴随行业周期上行，设备造价、租金持续提升，以及政策端发力，看后公司未来海工业绩持续 改善。 盈利预测、估值与评级 我们预计公司25-27 年公司营业收入分别为1818/2007/2211 亿元，归母净利润为36/44/52 亿元，对应PE 为14X/11X/10X，维持"买入"评级。 风险提示 公司25 年3 月27 日发布24 年年报，实现营业收入1776.64 亿元，同比增长39.01%；实现归母净利润 29.72 亿元，同比增长605.60%。其中4Q24 实现营业收入486.93 亿元,同比增长48.98%；实现归母净利润 11.44 亿元，同比+1639.56%，业绩高增。 经营分析 集装箱需求复苏，看好集装箱业务业绩持续改善。根据公司公告，2024 年全球商品贸 ...